Indiana § 5-28-30-23 Powers in the event of default

Indiana Statutes

§ 5-28-30-23 — Powers in the event of default

Indiana § 5-28-30-23

Title 5STATE AND LOCAL ADMINISTRATION

Art. 28INDIANA ECONOMIC DEVELOPMENT

Ch. 30Industrial Development Loan Guaranty Program

This text of Indiana § 5-28-30-23 (Powers in the event of default) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-28-30-23 (2026).

Text

The corporation may take assignments of
accounts receivable, loans, guarantees, insurance, notes, mortgages,
security agreements securing notes, and other forms of security, attach,
seize, or take title by foreclosure or conveyance to any industrial
development project when a guaranteed loan on the project is clearly
in default and when in the opinion of the authority such an acquisition
is necessary to safeguard the guaranty fund, and sell, or on a temporary
basis, lease or rent the project for any use.

Free access — add to your briefcase to read the full text and ask questions with AI

The corporation may take assignments of
accounts receivable, loans, guarantees, insurance, notes, mortgages,
security agreements securing notes, and other forms of security, attach,
seize, or take title by foreclosure or conveyance to any industrial
development project when a guaranteed loan on the project is clearly
in default and when in the opinion of the authority such an acquisition
is necessary to safeguard the guaranty fund, and sell, or on a temporary
basis, lease or rent the project for any use.